Higher prescription drug costs, especially for specialty drugs, are providing major challenges for U.S. employees and employers alike. And as Plexus Partner Mitchell Andrews sees it, pharmaceutical pricing is hard to figure.
In a recent look at the drug-pricing crisis by Leader's Edge magazine, a publication of The Council of Insurance Agents and Brokers, Andrews weighed in on numerous health care trends related to pharmaceuticals, including the soaring costs.
“Making a profit is fine, but making an unreasonable profit on the backs of employers and employees? You have to scratch your head and wonder why," said Andrews, a member of the CIAB’s Council of Employee Benefits Executives.
Based in Washington D.C., the CIAB is the preeminent advocate for insurance agencies and brokerages.
With rising pharmaceutical costs come tough decisions for firms. And that's where an insurance broker can make all of the difference.
"Management of the costs is unique for each customer, so our job is to educate them on their options,” Andrews told Leader's Edge.
As Andrews noted, if a firm weighs not covering some drugs because of cost, the "impact on [company] culture" must be considered.
For Andrews' full remarks and a host of other valuable insights on managing prescription drug costs, we invite you to check out the Leader's Edge feature. And for more information on how Plexus can assist companies on a variety of employee benefits matters, don't hesitate to contact us at 847-307-6100 or via the Web.